Consumer groups are pushing for rate cuts up to 50 percent for the biggest “force-placed” insurer in Florida, arguing rates scrutinized at a Monday hearing punish struggling homeowners and are inflated by massive kickbacks to mortgage servicers.
American Security Insurance Co.’s proposed rate cut: Zero.
Lenders impose “force-placed” insurance on homeowners who fall behind on payments or otherwise let property insurance lapse. The premiums are often double or triple the normal cost, and sometimes more.
Q: BANK says it is already on foreclosure but there no date yet for deed of sale
A:Foreclosure is a process. It begins with the service and filing of a Notice of Default. Once that notice records, the house is "in foreclosure." 90 days after the NOD records, the trustee may serve and record a Notice of Sale which will set the date for the sale. Unless the sale is postponed, the trustee will sell the property on the sale date to the highest bidder and prepare and record a Trustee's Deed Upon Sale. Once the deed records, the trustee has "foreclosed." Until the TDUS is prepared and records, the borrower is still the owner of record. After that time the owner is the purchaser at the sale....
Q: We purchased a home in a foreclosure that we now reside in. After the foreclosure, the bank filed a motion to set aside the foreclosure due to an error on their part. After nearly a year, they lost the motion and the appeal. We filed a motion for attorney fees but the judge denied it? Is this typical?
A:In order to receive an award of attorney's fees there must be a basis for fees either through a statute or a contract. Without more information, it is difficult to say why you might have been denied or what your chances on appeal might be.
Q: Will the 2nd mortgage and all junior liens be wiped out?
A:Liens take priority according to the date of their recording. The foreclosure of the HOA lien will wipe out any liens recorded after it was recorded in the public records in the county in which the property is located....
Q: I do not have a lease, This is a 4 family apartment. The Summons states , the bank vs the landlord, his business, and two people who do not live here anymore. One moved out over 10 years ago the other moved out 2 months ago. My name and the other tenant was not on the summons just referred as John or Jane Doe. The sheriff knocked on the door, handed the summons and wrote down my name as a tenant at the apartment.
A:Under the Federal Protecting Tenants at Foreclosure Act of 2009 (see link below), the requirement of 90 days' notice only applies to "bona fide" tenants, those tenants who are not related to the mortgagor and who are paying rent at fair market value.
Just one month after the seventh round of funds was appropriated by Congress, the National Foreclosure Mitigation Counseling program is making $70.1 million available to various agencies across the country.
On January 16, 2013, just after 5 AM, 12 sheriff's deputies and 10 Portland police officers forcefully evicted the original Portland foreclosure fighters - Debbie and Ron Austin - from their NE Portland home. The eviction was at the demand of the government sponsored and funded mortgage finance vehicle, Fannie Mae.
The family was evicted, but their home is not empty. A force of armed private security guards from McRoberts Security was immediately installed in Debbie Austin's home. The guards have been on 24-hour duty in the home ever since.
The CFPB is carrying out a regulatory implementation initiative for our new mortgage rules to ensure that they are implemented accurately and effectively. Last week we issued proposed clarifications to the 2013 Escrows Final Rule. Today we are issuing another proposal to address questions regarding qualified mortgages and servicing that have come up since we first issued those rules in January. These proposals are part of our commitment to facilitate implementation of the rules issued in January under the Dodd-Frank Act. We at the Bureau believe that we have a responsibility not just to write a rule, but to see that it is implemented effectively. This proposal will be published in the Federal Register soon. It will be open for comment for 30 days from the day of publication.
“The administrator of the estate of Larry Delassus sued Wells Fargo, Wachovia Bank, First American Corp. and others in Superior Court, for wrongful death, elder abuse, breach of contract and other charges.
Delassus died at 62 of heart disease after Wells Fargo mistakenly held him liable for his neighbor’s property taxes, doubled his mortgage payments, declared his loan in default and sold his Hermosa Beach condominium, according to the complaint.”
There are two reasons why I continue this blog and my return to the practice of law despite my commitment to retirement. The general reason is that I wish to contribute as much as I can to the development of the body of law that can be applied to large-scale economic fraud that threatens the fabric of our society.
Here’s what can happen when people get lulled into a false sense of security listening to the news stories about how our housing markets have rebounded and foreclosures are down… we risk losing the things that are helping homeowners.
When the foreclosure crisis began, and for the first few years as foreclosures continued unabated, foreclosure mediation programs were unheard of… in fact, it wasn’t until people realized that HAMP wasn’t really working as advertised and banks weren’t modifying loans in the numbers they should that states started considering making mediation part of the process.
Five years after the mortgage meltdown sparked a wave of home foreclosures, millions of Americans are still in housing "limbo," battling to save their homes despite government programs meant to help them.
Courtney Scott is one of them. Having fended off three foreclosure attempts by her lender, she said she was hopeful that a recent national review of troubled loans ordered by bank regulators would help resolve her long-running effort to modify the loan on her modest suburban Atlanta home.
So the retired nurse and grandmother filled out the paperwork late last year, sent it in and waited.
There’s some good news for military servicemembers on the horizon, after Capitol Hill lawmakers agreed on new legislation that would extend foreclosure protection to enlisted personnel who bought their homes after they went on active duty. Known as the Family Home Protection Act (H.R. 1842), the bill takes over from where the old Servicemembers Civil Relief Act left off.
HousingWire reports that, as things stand now, the Servicemembers Civil Relief Act allows members of the military to obtain protection against foreclosure, so long as their homes were purchased prior to beginning active duty. Presuming the new bill goes through, these protections would be extended to all servicemembers, no matter when they bought their properties.
Foreclosures can do a number on your credit report, even for years after they happened. With the Great Recession causing an upheaval in the housing market and many homeowners behind on payments, the aftermath of foreclosures is still a reality for many Americans today. One reader wrote to Credt.com asking for help with a foreclosure on her credit report:
According to a new report, people who take advantage of a key federal program to modify their mortgages in an effort to save their homes are defaulting "at an alarming rate."
The report from the special inspector general for the Treasury Department's Troubled Asset Relief Program doesn't say why an inordinately high percentage of owners who take part in the Home Affordable Modification Program, or HAMP, are unable to maintain their loan modifications. The report says only that the longer owners remain in the program, the more likely they are to default again.
Q: My mother passed away in 2009, the bank that owned the mortgage immediately started & pushed the foreclosure process after receiving word that my mother passed, she left her home to myself & a sibling; she had an insurance policy which would pay her mortgage balance in full at the time of her death....
Q: I purchased a condo by paying delinquent HOA fees at auction, subject to mortgage. Certificate of title was issued in my name. My research shows the prior owners mortgage has his last name misspelled, and the property address was written incorrectly. The owner initialed the correction on the property address when signing the mortgage, but nothing was done to correct his name.
A:This is a loser. Your position does not give you a foundation to eliminate the first mortgage, since your title was from a junior lien. . And , in addition, the validity of a mortgage lien does not depend on the property address.
Q: I contacted Save The Dream and filled out all the paperwork . They said I am a very good candidate for help and the bank said they would work with me on the ECOL . Nobody can help unless My Ex signs the papers giving them permission to talk to each other and look at the finances.
A: Don't worry about answering foreclosure complaint. However, with the foreclosure package came a Mediation form Usually on brightly colored paper REQUEST mediation
Q: From late 2008 until 2010 I was attempting to modify my mortgage. There was no reason for the modification to NOT take place. It should have been a slam dunk.
A:A creditor's violation of the automatic stay of collection efforts is serious, and gives you a viable claim against the foreclosing entities and participants. A secured creditor can sometimes get the bankruptcy court to grant relief from the stay and permit the foreclosure to proceed, but from you question I infer that relief from stay was not sought or granted in your case.
Since the foreclosure crisis, several studies have linked foreclosures to falling property values for neighboring homes. However, one researcher from the Federal Reserve Bank of Boston recently set out to discover the impact of foreclosed properties on neighbors who aren’t looking to sell their homes. The study observes the residual effects of foreclosures on neighbors’ quality of life.
Michigan military service members and veterans struggling to keep their homes because of the mortgage foreclosure crisis could be eligible for financial assistance from the state.
Attorney General Bill Schuette and the Director of the Michigan Veterans Affairs Agency Jeff Barnes announced Tuesday that $5 million is now available to assist military service members and veterans who are losing or have already lost their homes to foreclosure since 2006.